Turley & Turley Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04541486 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Turley & Turley Limited

Trading as

John Damien

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTORS:

D Turley

Mrs E Turley

SECRETARY:

D Turley

REGISTERED OFFICE:

26 Bell Street

Sawbridgeworth

Hertfordshire

CM21 9AN

REGISTERED NUMBER:

04541486 (England and Wales)

ACCOUNTANTS:

Lawrence & Company

Chartered Certified Accountants

26 Bell Street

Sawbridgeworth

Hertfordshire

CM21 9AN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

36,156

42,708

36,156

42,708

CURRENT ASSETS

Stocks

15,116

24,188

Debtors

6

18,934

4,970

Cash at bank

18,891

-

52,941

29,158

CREDITORS

Amounts falling due within one year

7

51,885

53,042

NET CURRENT ASSETS/(LIABILITIES)

1,056

(23,884

)

TOTAL ASSETS LESS CURRENT LIABILITIES

37,212

18,824

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

37,112

18,724

SHAREHOLDERS' FUNDS

37,212

18,824

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2020 and were signed on its behalf by:

D Turley - Director

1.	STATUTORY INFORMATION

Turley & Turley Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2019

and 31 March 2020

7,995

AMORTISATION

At 1 April 2019

and 31 March 2020

7,995

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

and 31 March 2020

16,500

10,597

20,295

12,179

59,571

DEPRECIATION

At 1 April 2019

-

2,649

5,074

9,140

16,863

Charge for year

-

760

3,805

1,987

6,552

At 31 March 2020

-

3,409

8,879

11,127

23,415

NET BOOK VALUE

At 31 March 2020

16,500

7,188

11,416

1,052

36,156

At 31 March 2019

16,500

7,948

15,221

3,039

42,708

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

16,905

770

VAT debtor

2,029

-

Prepayments

-

4,200

18,934

4,970

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

-

759

Trade creditors

35,164

22,760

Taxation

2,808

-

Social security and other taxes

912

6,067

Directors' current accounts

11,801

22,256

Accrued expenses

1,200

1,200

51,885

53,042

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

60

Ordinary A Shares

£60

60

60

40

Ordinary B Shares

£40

40

40

100

100

9.

RESERVES

Retained

earnings

£

At 1 April 2019

18,724

Profit for the year

22,388

Dividends

(4,000

)

At 31 March 2020

37,112

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £4,000 (2019 - £4,000) were paid to the directors .

11.	POST BALANCE SHEET EVENTS

The director's have considered the effects of the Covid-19 pandemic on their business and do not consider the

financial implications to be material. As such no adjustments have been made to these financial statements.

12.	GOING CONCERN

In respect of the Covid-19 pandemic the directors' have assessed the impact of the virus, and the possible future

impact on the company, and feel that in their opinion the company will be able to meet all liabilities as they fall

due and continue in operation for at least the next 12 months and that the accounts should be prepared on a going

concern basis.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2020 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Lawrence & Company

Chartered Certified Accountants

26 Bell Street

Sawbridgeworth

Hertfordshire

CM21 9AN

23 July 2020